Gold held an advance as investors weighed a drop in the dollar against speculation that Asian demand may be waning.
Bullion
for immediate delivery traded at $1,173.99 an ounce at 8:23 a.m. in
Singapore from $1,174.07 on Monday, when prices climbed 0.2 percent,
according to Bloomberg generic pricing. The metal fell to $1,162.88 on
Friday, the lowest since March 19, after the U.S. added more jobs than
expected in May.
Gold
fell 0.9 percent this year while the dollar climbed 4.5 percent as
investors seek to gauge when the Federal Reserve will raise borrowing
costs for the first time since 2006. Higher rates drive investors to
favor assets that pay interest, curbing the allure of the metal. The
Bloomberg Dollar Spot Index lost 1 percent on Monday as the euro climbed
1.6 percent.
Gold
coin and minted-bar sales from Australia’s Perth Mint fell to a
three-year low in May, the mint said on Friday. Sales of American Eagle
gold coins at the U.S. Mint, the world’s largest, dropped 27 percent in
May from April.
Gold
for August delivery was at $1,173.20 an ounce on the Comex from
$1,173.60 on Monday, when prices climbed 0.5 percent. Silver for
immediate delivery was little changed at $15.9813 an ounce. Platinum
traded at $1,104.45 an ounce from $1,102.46, while palladium was little
changed at $745.32 an ounce.
Source : Bloomberg
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